$OLED
UNIVERSAL DISPLAY CORP \PA\

2016 Q1 Form 10-Q Financial Statement

#000100528416000202 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $29.70M $62.31M $31.22M
YoY Change -4.87% 10.93% -17.48%
Cost Of Revenue $5.052M $9.900M $8.581M
YoY Change -41.13% -26.67% -13.3%
Gross Profit $24.65M $52.40M $22.64M
YoY Change 8.87% 23.0% -18.97%
Gross Profit Margin 82.99% 84.09% 72.52%
Selling, General & Admin $6.660M $13.20M $6.200M
YoY Change 7.42% 1.54% -3.58%
% of Gross Profit 27.02% 25.19% 27.38%
Research & Development $10.48M $12.60M $9.919M
YoY Change 5.62% 0.8% -2.33%
% of Gross Profit 42.5% 24.05% 43.81%
Depreciation & Amortization $902.0K $3.700M $702.0K
YoY Change 28.49% 8.82% 40.12%
% of Gross Profit 3.66% 7.06% 3.1%
Operating Expenses $22.11M $25.80M $29.45M
YoY Change -24.95% 0.78% -5.64%
Operating Profit $2.546M $26.60M $1.771M
YoY Change 43.76% 56.47% -73.28%
Interest Expense $8.000K $200.0K $12.00K
YoY Change -33.33% 0.0% -29.41%
% of Operating Profit 0.31% 0.75% 0.68%
Other Income/Expense, Net $324.0K
YoY Change
Pretax Income $2.870M $26.80M $1.932M
YoY Change 48.55% 55.81% -71.71%
Income Tax $921.0K $8.800M $618.0K
% Of Pretax Income 32.09% 32.84% 31.99%
Net Earnings $1.949M $18.09M $1.314M
YoY Change 48.33% 37.8% -67.33%
Net Earnings / Revenue 6.56% 29.03% 4.21%
Basic Earnings Per Share $0.04 $0.39 $0.03
Diluted Earnings Per Share $0.04 $0.39 $0.03
COMMON SHARES
Basic Shares Outstanding 46.77M 46.71M shares 45.79M shares
Diluted Shares Outstanding 46.91M 46.21M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $379.6M $395.5M $328.5M
YoY Change 15.56% 37.09% 23.08%
Cash & Equivalents $110.1M $97.51M $125.2M
Short-Term Investments $269.5M $298.0M $203.3M
Other Short-Term Assets $4.683M $2.387M $3.653M
YoY Change 28.2% -45.2% -67.24%
Inventory $14.71M $12.75M $38.97M
Prepaid Expenses
Receivables $20.87M $24.73M $18.16M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $432.4M $447.7M $407.3M
YoY Change 6.15% 20.83% 20.61%
LONG-TERM ASSETS
Property, Plant & Equipment $22.36M $22.41M $20.49M
YoY Change 9.16% 12.47% 36.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.10M $2.200M $4.000M
YoY Change 302.5% -26.67% 29.03%
Other Assets $645.0K $174.0K $405.0K
YoY Change 59.26% -59.06% -32.72%
Total Long-Term Assets $123.7M $111.7M $118.1M
YoY Change 4.68% -6.38% -7.88%
TOTAL ASSETS
Total Short-Term Assets $432.4M $447.7M $407.3M
Total Long-Term Assets $123.7M $111.7M $118.1M
Total Assets $556.0M $559.4M $525.5M
YoY Change 5.82% 14.2% 12.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.294M $6.849M $6.184M
YoY Change 17.95% -26.04% -26.1%
Accrued Expenses $6.746M $17.39M $7.525M
YoY Change -10.35% 16.02% 8.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.15M $34.51M $39.39M
YoY Change -36.15% 28.66% 99.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $60.00M $58.10M $36.70M
YoY Change 63.49% 306.29% 178.03%
Total Long-Term Liabilities $60.00M $58.10M $36.70M
YoY Change 63.49% 306.29% 178.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.15M $34.51M $39.39M
Total Long-Term Liabilities $60.00M $58.10M $36.70M
Total Liabilities $85.15M $92.65M $76.07M
YoY Change 11.94% 125.39% 130.84%
SHAREHOLDERS EQUITY
Retained Earnings -$71.68M -$73.63M -$86.99M
YoY Change -17.6% -16.62% -31.03%
Common Stock $483.0K $482.0K $474.0K
YoY Change 1.9% 2.34% 1.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $40.16M $40.16M
YoY Change 0.0% 0.0% 276.79%
Treasury Stock Shares 1.358M shares $1.358M 1.358M shares
Shareholders Equity $470.9M $466.8M $449.4M
YoY Change
Total Liabilities & Shareholders Equity $556.0M $559.4M $525.5M
YoY Change 5.82% 14.2% 12.77%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $1.949M $18.09M $1.314M
YoY Change 48.33% 37.8% -67.33%
Depreciation, Depletion And Amortization $902.0K $3.700M $702.0K
YoY Change 28.49% 8.82% 40.12%
Cash From Operating Activities $210.0K $33.00M $46.98M
YoY Change -99.55% 15.79% -741.8%
INVESTING ACTIVITIES
Capital Expenditures $516.0K -$400.0K $1.950M
YoY Change -73.54% -80.0% 112.65%
Acquisitions
YoY Change
Other Investing Activities $14.60M -$25.50M $38.90M
YoY Change -62.47% 104.0% -259.43%
Cash From Investing Activities $14.13M -$25.90M $36.97M
YoY Change -61.79% 79.86% -245.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $99.00K $90.00K
YoY Change 10.0% -204.65%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.758M 500.0K -$4.178M
YoY Change -57.92% -108.33% 109.21%
NET CHANGE
Cash From Operating Activities 210.0K 33.00M $46.98M
Cash From Investing Activities 14.13M -25.90M $36.97M
Cash From Financing Activities -1.758M 500.0K -$4.178M
Net Change In Cash 12.58M 7.600M $79.77M
YoY Change -84.23% -6.17% -330.19%
FREE CASH FLOW
Cash From Operating Activities $210.0K $33.00M $46.98M
Capital Expenditures $516.0K -$400.0K $1.950M
Free Cash Flow -$306.0K $33.40M $45.03M
YoY Change -100.68% 9.51% -646.68%

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0 USD
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469000 USD
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8000 USD
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0 USD
CY2016Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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1950000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Payments To Acquire Short Term Investments
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CY2016Q1 us-gaap Payments To Acquire Short Term Investments
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CY2015Q1 us-gaap Pension And Other Postretirement Benefit Expense
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CY2016Q1 us-gaap Pension And Other Postretirement Benefit Expense
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CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q1 us-gaap Recognition Of Deferred Revenue
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CY2015Q4 us-gaap Short Term Investments
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CY2016Q1 us-gaap Short Term Investments
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CY2016Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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615000 USD
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56000 USD
CY2015Q1 us-gaap Technology Services Revenue
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30000 USD
CY2016Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
57000 USD
CY2015Q4 us-gaap Treasury Stock Shares
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CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:right;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;" align="right"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:97%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BUSINESS:</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Universal Display Corporation (the Company) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials.&#160;OLEDs are thin, lightweight and power-efficient solid-state devices that emit light, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market.&#160;The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost.&#160;The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high power efficiency, excellent color rendering index, low operating temperature and novel form factor.&#160;The Company's technology leadership and intellectual property position should enable it to share in the revenues from OLED displays and lighting products as they enter mainstream consumer and other markets. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's primary business strategy is to (1) further develop and license its proprietary OLED technologies to manufacturers of products for display applications, such as mobile phones, televisions, tablets, wearables, portable media devices, notebook computers, personal computers, automotive interiors, and specialty and general lighting products;&#160;and (2) develop new OLED materials and sell existing and any new materials to those product manufacturers.&#160;The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining its relationships with world-class partners such as Princeton University (Princeton), the University of Southern California (USC), the University of Michigan (Michigan) and PPG Industries, Inc. (PPG Industries). The Company currently owns, exclusively licenses or has the sole right to sublicense more than </font><font style="font-family:inherit;font-size:10pt;">3,600</font><font style="font-family:inherit;font-size:10pt;"> patents issued and pending worldwide.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products.&#160;The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under its patents and to use the Company's proprietary know-how.&#160;At the same time, the Company works with these and other companies who are evaluating the Company's OLED technologies and materials for possible use in commercial OLED display and lighting products.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Management&#8217;s Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S.&#160;generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The estimates made are principally in the areas of revenue recognition for license agreements, the useful life of acquired technology, the use and recoverability of inventories, income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.</font></div></div>

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